European Union Warns Greece on Maritime Subsidies

Greece has been under pressure from its international creditors over the favorable tax treatment of its shipping industry

Tom Fairless

BRUSSELS—Greece may be providing illegal subsidies to its maritime industry by allowing shareholders of shipping and other related companies to benefit from a special tax rate, European Union regulators said on Monday.

The warning follows sustained pressure on Athens from Greece’s international creditors over the favorable tax treatment of its shipping industry.